Repayment Plans

Several repayment plans are available to help manage your student loan account. Each repayment plan has distinct requirements which may result in paying less interest
over time or offer greater benefits such as loan forgiveness. If your circumstances don’t fit the repayment plans listed below, we encourage you to call us at 888.866.4352
to discuss other alternatives.

Plans based on the length of time in repayment:

Standard (Level) Repayment

Extended Repayment

Graduated Repayment

Plans driven by income:

Revised Pay As You Earn (REPAYE)

Pay As You Earn (PAYE)

Income-Based Repayment (IBR)

Income-Contingent Repayment (ICR)

Income-Sensitive Repayment

There is a lot to know about income-driven repayment plans (IDR) and it is important that borrowers
renew their IDR plan on time each year to avoid potential consequences.

Estimate Your Payments

Compare repayment plans and choose the right one to fit your needs. A
Repayment Plan Evaluator
is available by logging in.
OR

Use the
Repayment Estimator
on StudentLoans.gov – Log in to base estimates off of loans retrieved from the National Student Loan Data System (NSLDS) or enter your loan information manually.

Change Repayment Plans

For Income-driven repayment plans:

Apply on
StudentLoans.gov
to automatically retrieve last year’s income tax information from the IRS.
Sign in using your Federal Student Aid ID and then select “Apply for Income-Driven Repayment.”
Follow the instructions to submit your application online.
You can create a FSA ID before completing the application.

If you are past due or missed your annual recertification, please contact us for assistance.

For changes to other repayment plans:

Our Customer Service Representatives can assist you with requests for changes to other repayment plans, some of which may be changed by
calling 888.866.4352.

Repayment Plan Summary

Plans

Loan Programs

Loan Term

Eligibility

Payments

Advantages

Helpful Information

STANDARD REPAYMENT

Direct Loans & FFELP

10 Years (up to 30 years if consolidated)

You will be placed on this plan if you do not select another plan

Fixed monthly payments

This is the fastest and least expensive plan based on interest paid

This will be the plan you are placed on if you do not select another plan

GRADUATED REPAYMENT

Direct Loans & FFELP

10 Years

Upon request

Payments start low, increase every 2 Years

Works well if you expect your income to increase over time

Increasing monthly payment amounts over time

The amount due each month must cover your interest

EXTENDED REPAYMENT

Direct Loans & FFELP

Up to 25 Years

Must have more than $30,000 in FFELP or Direct Loans

Fixed or graduated payments

Lower monthly payments over a longer time frame

You will generally pay more interest on this plan due to the longer repayment term

INCOME-BASED REPAYMENT (IBR)

Direct Loans & FFELP1

25 Years (20 years for new borrowers as of 7/1/2014), any remaining balance may be forgiven

Must demonstrate need based on your total federal student loan debt, adjusted gross income and family size

Your calculated payment must be less than what you would pay under the Standard (10-year) Repayment plan

Monthly payment generally set at 15% of discretionary income (10% for new borrowers as of 7/1/2014)

A reduced monthly payment amount. If you no longer qualify for a reduced monthly payment, your monthly payment will cap at the 10-year payment